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A Brief Introduction To Housing
Finding the right home for your accommodation in Istanbul, Turkey, is vital for sustaining a happy life away from your homeland. Because different things make different people happy, you should clarify what kind of home you would prefer. Therefore, we have prepared this brief introduction to housing for you.
Istanbul: Choose Your Continent!
One of the unique beauties of Istanbul is the fact that it unites Europe and Asia continents, and both sides of the city have beautiful living environments offering different features.
The European side of Istanbul offers a wider scale of habitats, easier access to traditional living & business centers, and Bosphorus Lane. Modern living centers, developments, and mix-use projects are common in this side of the city and could be what you may prefer if you want to live in a more vivid area.
Whereas the Asian side of Istanbul promises a more laid-back lifestyle, greener streets, and access to Bosphorus and the Marmara Sea. You can enjoy riding your bike easier than on the European side and enjoy a simple picnic with your friends and family with your simple portable chairs over the weekends, and maybe in the evening.
Introduction To Housing: Proximity
Traffic is a traditional problem in Istanbul. Less time you and your family spend on the road will mean more time you will save for each other or yourself. Therefore, proximity to your work, kids’ school, or the living centers you may prefer to spend time in will make you save time and energy and make you live in a neighborhood with people who share your lifestyle.
Introduction To Housing: Type of Home
The type of home and neighborhood could be considered as the next step.
You can prefer a villa, stand-alone building, or attached house if you enjoy spending time in your private garden. Istanbul is also full of traditional historic buildings and mansions, some even with private docks to Bosphorus. This preference will totally depend on your lifestyle and affordability.
Standard apartments in traditional high-end neighborhoods are also a major option. Most of the apartments that you can find in such neighborhoods are three bedrooms apartments, but two or four + ones are also available. One-bedroom apartments usually happen to be found in newly built buildings in humbler neighborhoods.
There are also residential compounds with facilities such as; swimming pool, security, gym, etc. Most of those exist in the traditional high-end neighborhoods mentioned above, such as; Maslak, Ayazaga, Levent, Akatlar, Ulus, or Etiler, but there are also many affordable options in the outskirts of the city; all the way through Bahcesehir or Beylikduzu. It would help if you always kept in mind that those extra facilities will increase the price or rent and the monthly service charge.
Last but not least, “rezidans” in Turkish, or “residences” as mentioned in the Turkish property market. Those are actually residential units within (most usually) mix-use developments that offer high-end living standards. They offer modern & prestigious living and a view of a skyscraper, and most or all of what traditional compounds do. The two most disadvantageous features of “rezidans” units are that most do not have openable windows. It would be best to depend on the automated air ventilation, and monthly service charges are usually the highest.
Introduction To Housing: Furnished Or Not Furnished?
We have good news and bad news. Let’s begin with the good ones;
- There is both type of units in all types of homes and market is always vivid,
- There are various options with various qualities. You can most probably find a furbished option within your budget range,
- Most of the ex-pats prefer the furbished option, which will bring you closer to people from your own geography and culture,
- If you prefer to furnish your home according to your own taste, the furniture sector in Istanbul is also very flexible. This will also enable you to decorate your home according to your wish & budget.
Here Comes The Bad News;
- Deposit amounts being asked for furbished apartments are usually twice as much as not furbished ones, and every single damage you might give to the furniture unwillingly will be deducted out of it. The valuation of the landlord most usually makes this deduction,
- The rent amount of furnished apartments are usually 20 to 30% higher than their neighbors. So you should better make your assessment according to your estimation of staying in Istanbul.
Introduction To Housing: Corporate or Personal Leasing?
This would be a concern for you and your company. Most of the residential units, furnished or not, belong to private individuals, which will bring a 25% withholding tax on top of the net rent amount if you choose to do corporate leasing. But this is not an issue for private leasing.
Nevertheless, some furnished apartments may be operated by a company, which means an extra 18% VAT, whether you do corporate or personal leasing. In such a case, doing corporate leasing will enable you to deduct this 18% from your own tax debt, which will change the disadvantage to an advantage.
To conclude, your housing can be a nightmare or a blessing, all according to various standards. Always keep in mind to clear your preferences in your mind first, and make sure you work with the right property consultancy in Turkey who will understand you and show the best options according to your standards; not give you a city tour just to show you what they have in the portfolio.
We have explained a brief introduction to housing in Istanbul, Turkey, for you in this article; we hope this sheds some light on your questions.
